NAMA, Wallace & the Robinsons

Get over yourself coles.

Not everyone cares about the politics of it. So far there has been a raft of unsupported allegations made.

What’s the source of this? It’s another statememt with no supporting facts.

Furthermore, this is a portfolio so I’m sure cerberus will realise more than 50p in the £ on some assets and less on others.

The comment re due diligence fees makes zero sense.

Is Wallace saying something is wrong with NAMA only incurring transaction costs of $1.8mm but cerberus incurred transaction costs of $28mm. If that’s the case then that’s a FAIL - doesn’t know what he’s talking about. Why would nama have DD costs for assets it already owns? If you are selling your house, would you get a surveyor report?

NAMA loses control of its own narrative, - David Murphy RTE.

What’s the problem? This is NAMA doing exactly what it was set up to do. 8-

This is just getting worse and worse and worse for NAMA and the government … 68266.html

Let’s not forget whose fault it ultimately is though - Brian Lenihan Junior and his politicising of NAMA by making sure it had a “Northern Ireland Advisory Board”. Fuck him.

Debt threats against a sitting TD for raising issues of massive National importance and I can guarantee Kenny and Burton will do fuck all about it.

I have no doubt he will.

I’m sure lorraine higgins will help him with that. :unamused:

He should be pushing the SEC angle as much as he can. They’re far more likely to get results than their UK counterparts

RTE News must have decided that Wallace is loopy. They haven’t mentioned the story at all despite the description of “tense scenes at the Dail”

Ok, I’ll bite.

  1. According to Costar (normally close to the button on these things) the assets were generating approx €4.6mm albeit with a 37% vacancy rate. … for-e165m/
    Y/E 2013 CBD prime office yields were approx 6% … c1&trans=n
    Grossing up the rent to assume full occupancy at the prevailing rents suggests total rent roll of approx €7.4mm.
    Applying a 6% yield to that rent roll provides for an EV of €122mm. However given 37% is vacant it would be more appropriate to use a split yield which would increase the blended yield [no point]
    So Nama left max approx €22mm less (i) capex costs required to refurb the properties (noting Hume House needed a significant amount of work), less (ii) a discount for vacant space as you’re unlikely to get full occupancy with decent weighted lease duration.
    Subsequently prime office yields fell to 5% by Y/E 2014 which would’ve added about €24mm in value.
    So, talking off the top of my head, most of the value would have come from incremental capex (an undetermined amount) and a drop in market yields. Given NAMA has been ordered to clear its books there’s not much they could’ve done differently (I don’t/didn’t agree with Nama dumping its assets but that’s not their fault - that’s Noonan’s fault).
    Also, he notes they’re “looking for €170mm” - they haven’t realized this price yet have they?
    Also, their profit would be significantly higher than 70% considering they probably leveraged the transaction so their equity would’ve been much lower than €100m.

  2. Why would the SEC be investigating this? Cerberus isn’t a listed company & Brown Rudnick is a partnership. This hasn’t been reported anywhere. Where did Wallace get this from? There is a DoJ investigation albeit that’s in response to claims made by Wallace which Elaine Byrne sent on (or so she likes to remind everyone every second day). Whether it’s a formal investigation or just discovery remains to be seen.

  3. What reports of a developer being omitted from Project Eagle because he wouldn’t pay a kick back? Does this relate to newspapers writing about Wallace’s own allegations? You can’t reference “reports” if he himself is the source.

  4. You reference “I’m sure he will” elsewhere re the “Threat” you describe as a “death threat” - However, he still hasn’t named the politician the money was destined for in the North. He also hasn’t said anything outside of Dail privilege has he?

  5. And Wallace wants Cerberus removed from the bidding process? He wants reduced competition in an auction? Furthermore, how are Cerberus “threatening to buy it”. What sort of “threat” is that?

  6. I also asked you a question regarding the due diligence fees comment of 2 days ago. Why haven’t you clarified that? Either you can clarify it so it makes sense or you can accept he hasn’t a clue about some of the things he’s talking about. Which is it?

Is this a death threat or an offer of a bribe?

I’m not sure what exactly is going on, and I don’t particularly like Wallace…but I’m okay with him keeping this in the public eye.

Wouldn’t like to be relying upon our fourth estate anyway.

That had crossed my mind. Either way it’s odd.

That Bryson fella is coming up on Vinny B at 11

@Andy, sorry I missed that. I’ll get a chance early in the morning.

No worried Coles.

Just have it on my desk by lunchtime tomorrow. :smiley:


Fair enough, I was just going on what Wallace said. :smiley:

Peter Robinson aide picked to sit on Nama inquiry, Irish Independent